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Latest News 
December 6, 2024


ARTIFICIAL INTELLIGENCE (AI) COMPANIES ARE GOING NUCLEAR: HERE ARE 3 ENERGY
STOCKS YOU SHOULD KNOW

Posted By: admin
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The surge in artificial intelligence (AI) has led many companies to urgently
reassess their energy strategies. These companies, along with several countries,
have also committed to slashing carbon emissions to help slow climate change.
Relying solely on renewable sources isn’t enough right now to meet these
escalating (and competing) needs.

Last year, several countries endorsed the Declaration to Triple Nuclear Energy
to address these growing energy demands, pledging to increase their nuclear
energy capacity by three times by 2050. This initiative garnered support from
major financial institutions like Bank of America and Goldman Sachs, underlining
nuclear energy’s pivotal role in fulfilling our future clean energy
requirements.

With the global demand for nuclear power expected to grow long-term, here are
three stocks to keep an eye on in this evolving landscape.

Image source: Getty Images.


1. CONSTELLATION ENERGY

As cutting-edge AI models advance, their energy requirements for power-hungry
data centers have surged. According to research from Goldman Sachs, data center
power demand is expected to increase by around 15% annually through 2030 and
could eventually account for about 8% of total power demand in the U.S.

To address these growing needs, tech giants are forging partnerships with
nuclear energy providers, marking a significant shift in how we think about
energy consumption in the tech industry. Last month, Microsoft made headlines by
signing a 20-year power purchase agreement with Constellation Energy (CEG
0.74%), which includes the prospect of restarting Three Mile Island Unit 1.

Constellation is one of the largest clean-energy producers in the U.S.,
generating a capacity of 32,400 megawatts, with 86% of its output from nuclear.
The company supplies about 10% of the nation’s clean energy, and 90% of its
energy is carbon-free.

With the growing demand for carbon-free nuclear power, Constellation Energy is
one solid stock to own to capitalize on these trends.


2. CAMECO 

Cameco (CCJ 2.57%) is one of the largest publicly traded companies in the
uranium industry and has significant mining operations in Saskatchewan and the
United States. It also holds a 40% interest in a joint venture with Kazatomprom
in Kazakhstan and a 49% stake in Westinghouse Electric with Brookfield Renewable
Partners, strengthening its position in nuclear services.

In Canada, Cameco operates two uranium mines in Cigar Lake and McArthur River in
Saskatchewan while also managing one of the world’s largest commercial
refineries, in Ontario. The company is set to produce 23.1 million pounds of
uranium this year.

It is well positioned to meet robust demand as supplies remain tight due to
underinvestment in development and exploration, along with the recent U.S. ban
on Russian uranium imports.

Although there aren’t immediate plans to build new reactors in the U.S.,
significant efforts are being made to grow nuclear energy production, including
upgrading the capacity of existing plants, extending their operational
lifespans, and even bringing retired nuclear facilities back on line.

Forecasts from Citigroup suggest that uranium prices could average around $110
per pound next year, up from about $77 currently, driven by rising demand that
outpaces supply. Longer term, the International Atomic Energy Agency (IAEA)
projects that nuclear capacity could increase by as much as 2.5 times from
current levels by 2050. As one of the largest uranium suppliers globally, rising
demand should be a tailwind for Cameco’s mining operations.


3. NUSCALE POWER

One of the more promising developments in nuclear energy is small modular
reactors (SMRs). This innovative technology offers a modular and scalable
approach to nuclear energy, making it an ideal choice to meet the power needs of
remote areas or high-demand industrial and data center facilities.

As of now, NuScale Power (SMR -2.01%) is the only company to secure Standard
Design Approval from the U.S. Nuclear Regulatory Commission, for its 50-megawatt
SMR.

The design of SMRs would allow for prefabrication at a plant, with the
components then transported for assembly at the project site. This streamlined
process could potentially reduce the costs and the time required to bring these
reactors on line, which is why they have captured the attention of tech
companies and investors.

However, recent experiences have shown the hurdles this technology still has to
overcome. For example, the Utah Associated Municipal Power System (UAMPS)
recently terminated a 2015 agreement with NuScale due to delays and escalating
expenses, underscoring the complexities involved.

Although NuScale is at the forefront of an exciting technological revolution in
nuclear energy, it is important to note that the deployment of SMR technology is
still years away. The company recently partnered with Standard Power to
establish two facilities in Ohio and Pennsylvania using its SMR technology. They
could be operational by 2029 if all goes according to schedule.

For now, NuScale will be driven by investor sentiment around its achievements
and the larger narrative surrounding the future of nuclear energy. That said,
the exciting technology makes this stock worthy of a spot on your watch list as
it evolves and develops over the next few years.



Citigroup is an advertising partner of Motley Fool Money. Bank of America is an
advertising partner of Motley Fool Money. Courtney Carlsen has positions in
Cameco and Microsoft. The Motley Fool has positions in and recommends Bank of
America, Goldman Sachs Group, and Microsoft. The Motley Fool recommends
Brookfield Renewable Partners, Cameco, Constellation Energy, and NuScale Power
and recommends the following options: long January 2026 $395 calls on Microsoft
and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure
policy.




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